Case $2-5$ Current Status of the Conceptual Framework Project

In October $2004,$ the FASB and IASB announced a joint

project aimed at developing an improved common conceptual

framework that was to build on their existing frameworks. This

single conceptual framework was to serve as the foundation

for the development of financial accounting and reporting. In

$2010,$ the FASB decided that because of the priority placed on

other projects, it could not devote the time necessary to prop$-$

erly address the remaining CFP issues. In May $2012,$ the IASB

announced that it would resume deliberations on the CFP as

an IASB$-$run project, that is$,$ no longer as a joint project with

the FASB. In $2014,$ the FASB also reactivated the CFP$.$ The

FASB's approach was to build on the output of the joint project.

Required: $$

What is the current status of the initial, joint and reactivated

CFPs$?$